POTENTIAL WIN: Six Development Teams Submitted LaSalle Street Adaptive Reuse Proposals

“Developers seeking the city’s blessing for projects to rejuvenate La Salle Street have gone public with detailed plans, their qualifications for the work and the level of public subsidies they want.

“In the important category of tax increment financing, the six developing teams collectively want $388 million in help for investments valued at $1.1 billion. Not all will get it; city officials said they will narrow the field to up to three chosen projects.

“All involve turning office space that’s vacant or outmoded into residences, with retail and other amenities added to make the traditional financial district more like a neighborhood.

“Some developers said they would try to add a grocer. All of them met a city mandate that at least 30% of new housing be affordable as defined by city ordinance.

“The most expensive project, both for its overall budget and its TIF request, involves the landmark Field Building at 135 S. La Salle St. Developers want $115 million in TIF money for a $258 million project to make the office behemoth into a mixed-use property with 430 residences.

“The program is ‘seeking to make the heart of the Loop more resilient’ and diverse, said Maurice Cox, commissioner of planning and development. Cox and the development teams commented on high vacancy levels throughout La Salle’s office and retail space. He has urged developers to think of ways to end the central Loop’s office ‘monoculture.'” (Roeder, Chicago Sun-Times, 3/3/23)

Proposals were received for the following buildings”
30 N. La Salle
208 S. La Salle
135 S. La Salle
105 W. Adams (two separate proposals)
111 W. Monroe St.

Preservation Chicago encourages those building that are not currently landmarks, to be designed Chicago Landmarks. Specifically, 111 W. Monroe and 105 W. Adams to become designated Chicago Landmark and all buildings should retain their historic features in these new development plans.


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